Almost half (45%) of shoppers do not trust retailers to keep their credit and debit card information safe from potential hackers, according to a report from Interactions, which noted that up to 44% of respondents have had their personal information stolen as a result of a security breach.
A new report from Retail Perceptions offers insight into how the loyalty to brands of consumers changed following highly publicized data breaches. Up to 12% of shoppers said they stopped shopping with retailers that experienced a breach, with another 36% indicating they shopped at the retailer less frequently.
With debit and credit cards being the top targets for hackers, shoppers may be inclined into making purchases via other means, namely cash. The majority (79%) of respondents said they were more likely to use cash as opposed to credit cards to purchase products in-store.
Buyers have varied opinions regarding their comfort levels shopping with retailers after they experience a security breach.
Roughly one-fifth (19%) of those surveyed feel comfortable going back to the same retailer to shop immediately, while another 19% said they would prefer to hold off for three to six months. Conversely, some people do not care as long as the breach is corrected quickly (22%).
Shoppers provided four key stipulations retailers would have to adhere to in order to regain their trust after a breach:
- provide free credit monitoring capabilities;
- offer additional incentives or discounts;
- provide clear and honest explanations to shoppers regarding the breach; and
- increase security measures and communicate the changes that have been made.